Wisconsin Resources Protection Council

February 24, 2018

Wisconsin Resources Protection Council

Box 263

Tomahawk, WI  54487

Mr. Sean Roosen, CEO and Chair of Board

Osisko Gold Royalties Ltd.

1100 Avenue des Canadiens-de-Montreal

Suite 300

Montreal, Quebec  H3B 2S2

Canada

Dear Mr. Roosen,

We are writing in regard to Osisko’s 15% ownership of Aquila Resources’ Back Forty metallic sulfide deposit in Michigan’s Upper Peninsula. Aquila has promoted the idea that this project is a done deal. However, recent events should give your shareholders cause for concern. The Michigan Department of Environmental Quality’s (DEQ) public hearing on Aquila’s wetland permit demonstrated serious technical problems with the permit application as well as continuing widespread public opposition to this controversial project.

What You Should Know About Aquila Resources’ Back Forty Project

By Al Gedicks

Executive Secretary, Wisconsin Resources Protection Council

June 28, 2017

Aquila’s Back Forty Project is not accurately described in the Mine Permit Application (MPA) and Environmental Impact Assessment (EIA)

*Aquila Resources wants to develop a large open pit (2000 ft.wide, 2500 ft. long and 750 ft. deep) massive gold-zinc sulfide mine 150 feet from the Menominee River, encroaching upon the floodplain. Underground mining plans have not been disclosed to the Michigan Department of Environmental Quality (DEQ) but could include mining under the Menominee River. Aquila’s permit application says the Life of Mine (LOM) operation is planned to be approximately 7 years but the Back Forty is actually described as a 16 year mine in every press release published by Aquila Resources.